New home sales in the U.S. saw a substantial increase in the month of March, according to a report released by the Commerce Department on Tuesday.
The report said new home sales spiked by 7.4 percent to an annual rate of 682,000 in March after soaring by 8.9 percent to an annual rate of 635,000 in February. Economists had expected new home sales to come in at an annual rate of 668,000.
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